Results 14,381-14,400 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: State Banking Sector (20 Feb 2014)

Michael Noonan: Business news channels like Bloomberg give an opportunity to get the Irish story out there and put our message across, which is otherwise difficult to do. I try to affect market sentiment in the interviews I do. The point I wanted to underline is that the State does not have a long-term interest in holding State banks and our intention is to restore them to the private sector in due course....

Ceisteanna - Questions - Priority Questions: State Banking Sector (20 Feb 2014)

Michael Noonan: First of all, I do not believe the Irish banks require extra capital, but we would like to recover some of the capital that we had already invested in the recapitalisation in March and April 2011. We are pursuing a number of things in parallel, and the movements do not contradict each other. One way to get some of the money that we invested in 2011 back from European sources would be for a...

Ceisteanna - Questions - Priority Questions: Mortgage Debt (20 Feb 2014)

Michael Noonan: I propose to take Questions Nos. 1 and 5 together. I am fully aware of the concerns raised by residential mortgage holders of IBRC whose loans are currently being sold by the special liquidators. The issue around the continued applicability of the various protections afforded to mortgage customers is legally very complex and requires careful consideration. As indicated previously, my...

Ceisteanna - Questions - Priority Questions: Mortgage Debt (20 Feb 2014)

Michael Noonan: That is not the way I see it. Quite clearly the process is complex, and it is in the hands of an independent liquidator who is operating in accordance with the law. The taxpayer comes into this as well. The job of the liquidator is to get as much value for the taxpayer as he can. While those in the Opposition seem to stress the interests of the mortgage holders, and rightly so, they...

Ceisteanna - Questions - Priority Questions: Mortgage Debt (20 Feb 2014)

Michael Noonan: -----although not by the Deputy, who has always handled this responsibly. If I were to attach additional conditions to the mortgage book at the point of sale, there is a possibility that I would be legally challenged on the argument that that might reduce the value of the book. I would be leaving myself open to challenge by other creditors, and there are many other creditors in the bank. ...

Ceisteanna - Questions - Priority Questions: Mortgage Debt (20 Feb 2014)

Michael Noonan: If they go to third-party unregulated entities, the Deputy has asked who will take responsibility. We will talk to them. We will tell them we expect them to comply and ask what the story is.

Ceisteanna - Questions - Priority Questions: Mortgage Debt (20 Feb 2014)

Michael Noonan: We are not going to let it get to the point at which they are negotiating with individual mortgage holders. We will work in the same way that we worked with the other two entities which bought books previously. I ask people not to be trying to frighten those who have mortgages with Irish Nationwide Building Society, which is now IBRC. It is very unfair to be hyping this-----

Ceisteanna - Questions - Priority Questions: Mortgage Debt (20 Feb 2014)

Michael Noonan: Of course they are frightened. They are being wound up by a number of Deputies in this House who are stating very exaggerated positions and they are deliberately trying to frighten people so that they can get headlines in the newspapers. That is very unfair.

Ceisteanna - Questions - Priority Questions: Mortgage Debt (20 Feb 2014)

Michael Noonan: If one was only selling a patch of ground down the country, one would know that the more conditions that were attached, the greater the potential for a reduction in value. That is the general point. I am not saying we will be sued, I am saying there is a legal risk. Therefore, it is much better not to interfere with the sales process and make sure the purchaser complies with all...

Ceisteanna - Questions - Priority Questions: Mortgage Debt (20 Feb 2014)

Michael Noonan: Yes, I agree.

Ceisteanna - Questions - Priority Questions: Mortgage Debt (20 Feb 2014)

Michael Noonan: That is not the point I am making.

Ceisteanna - Questions - Priority Questions: Mortgage Debt (20 Feb 2014)

Michael Noonan: The liquidator's job under law is to recover as much value as he can for the creditors. In this case, 70% of the creditors by value are Irish taxpayers. With regard to the €60 billion or so invested across the banks, what we are trying to do is recover some of the value for the taxpayer and this is one of the key parts. That is the opening position. The liquidator is independent...

Ceisteanna - Questions - Priority Questions: Tax Code (20 Feb 2014)

Michael Noonan: The Deputy will be aware that I am on record as stating my belief the income tax burden is too high in Ireland and that it needs to be reduced. However, I have also said that, although it is my intention to alleviate the burden, I can only do so when the public finances allow it. Lest it has escaped anybody's attention, the general Government debt at the end of 2013 was estimated to be...

Ceisteanna - Questions - Priority Questions: Tax Code (20 Feb 2014)

Michael Noonan: I cannot get into the details of a budget that will not occur until next October because I am only thinking about initial concepts for it. It is not fruitful to have some kind of detailed debate here. What I was pointing out was that any tax changes that will take place in any budget I introduce will be driven by considerations of growing the economy and employment. I also pointed out that...

Ceisteanna - Questions - Priority Questions: Tax Code (20 Feb 2014)

Michael Noonan: I acknowledge that there are differences of opinion about this. The next budget at a headline level must have an adjustment of €2 billion so it is not that we are flush with money to give away. What I am trying to do is put the debate into a space where we are not trying to endear ourselves to the electorate or do pre-election things. What I am saying is that we will be consistent...

Ceisteanna - Questions - Priority Questions: Mortgage Arrears Proposals (20 Feb 2014)

Michael Noonan: As statutory regulator of credit institutions, the Central Bank has the power, from both a prudential and consumer protection perspective, to require banks to meaningfully address mortgage arrears cases on their books. Durable long-term restructures will have to be applied having regard to the circumstances of individual cases. The Deputy will be aware that the Central Bank's mortgage...

Ceisteanna - Questions - Priority Questions: Mortgage Arrears Proposals (20 Feb 2014)

Michael Noonan: I do not disagree with the Deputy's analysis. At the start of a process of this nature, it is helpful if the various financial institutions try out different approaches. Some of these approaches work in theory, but they do not work in practice. One must see them operating in practice. It is the function of the Central Bank to ensure the consistency to which the Deputy refers. It is...

Ceisteanna - Questions - Priority Questions: Mortgage Arrears Proposals (20 Feb 2014)

Michael Noonan: We can work with the Central Bank to ensure the targets which have been set will be reached. The targets for 2014 are reasonably good. I would be concerned if there were to be any slippage in respect of these targets. We will monitor matters very carefully, both in association with the Central Bank and via my Department's own mechanisms, in order to ensure the targets are met.

Other Questions: Banking Sector Issues (20 Feb 2014)

Michael Noonan: Ulster Bank Ireland Limited is a regulated entity, licensed pursuant to section 9 of the Central Bank Act 1971. It is also subject to the Central Bank's mortgage arrears resolution targets, MART, process. Ulster Bank's performance in respect of these targets is closely monitored and the Central Bank's MART audits examine the bank's processes of determining and proposing sustainable...

Other Questions: Banking Sector Issues (20 Feb 2014)

Michael Noonan: In any restructuring of Ulster Bank's mortgage arrears unit, it must continue to comply with the code of conduct on mortgage arrears, CCMA, which sets out requirements for all mortgage lenders dealing with borrowers who are in mortgage arrears and provides a strong consumer protection framework to ensure that borrowers struggling to keep up with their mortgage repayments must be dealt with in...